In today's global economy, financial security is increasingly the property of the 1%.
Written one week before the current Wall Street tumble, economist Nomi Prins writes: Watch out. Even in the seemingly best of times, neglecting Wall Street is a dangerous idea. With a rag-tag Trumpian crew of ex-bankers and Goldman Sachs alumni as the only watchdogs in town, it’s time to focus, because one thing is clear: Donald Trump’s economic team is in the process of making the financial system combustible again.
When the heirs and heiresses of billionaire fortunes can take over an entire political party and force them to pass public policies that the vast majority of even their own voters don't want, there is a problem with democracy. A conversation with Michael Kink, executive director of the Strong Economy for All Coalition.
Overwhelming analysis shows the tax plan does very little to help middle income families. The non-partisan Tax Policy Center found that after the tax plan has taken full effect in 2027, 80 percent of the benefits would go to the top 1 percent.
Based on recent economic developments, the super-rich don’t have much to complain about. Yet, the super-rich face the problem of how long people are going to tolerate a situation in which just eight men possess the same wealth as half the world’s population.
Portside is proud to bring our readers a full chapter from the book Imagine: Living in a Socialist USA. Periodically Portside will be sharing with our readers chapters and excerpts from books we feel are noteworthy. What better way to launch, than a book about socialism-in the USA. Ron Reosti's chapter - A Democratically Run Economy Can Replace the Oligarchy - argues we can democratically design and control an economy that satisfies the needs and desires of the people.
The .01 percent includes wealthy individuals from both ends of the political spectrum, but there are relatively few in between and the numbers at the extremes are growing. And more money is coming from the right.
Think of this as the year that democracy of, by, and for the billionaires shall not perish from the Earth. In other words, these days, if you have billions of dollars, you can shout from the skies and the rest of us have to listen. They are: Sheldon Adelson, Charles and David Koch, Sam Walton, Rupert Murdoch, Linda McMahon, or hedge fund honchos like John Paulson and Steven Cohen.
A new book explains why ‘Rahm Emanuel’ is a dirty word in many Chicago circles.
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